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Question 1 :
Read the article 'Advancing Theory in Entrepreneurship from the Lens of Operations Management' by Phillip Phan & Chester Chambers (see attached) and answer the following question:
[Total Q1 = 50 marks]
Write a reflective journal on what you understand about Operations Management and how it relates to you. (2-3 pages)
[Total Q2 = 20 marks]
Wayne Hills Hospital in tiny Wayne, Nebraska, faces a problem common to large, urban hospitals as well as to small, remote ones like itself. That problem is deciding how much of each type of whole blood to keep in stock. Because blood is expensive and has a limited shelf life (up to 5 weeks under 1 – 6oC refrigeration), Wayne Hills naturally wants to keep its stock as low as possible. Unfortunately, pass disasters such as a major tornado and a train wreck demonstrated that lives would be lost when not enough blood was available to handle massive needs. The hospital administrator wants to set an 85& service level based on demand over the past decade. Discuss the implications of this decision. What is the hospital's responsibility with regard to stocking lifesaving medicines with short shelf lives? How would you set the inventory level for a commodity such as blood? (~ 6 – 7 pages)
[Total Q3 = 50 marks]
[Total Part A = 100 marks]
INSTRUCTION: Answer ALL questions.
TOTAL: 100 Marks (30%)
A farmer has recorded the number of fertilizer applications to each of the fields in one section of the farm and, at harvest time, records the weight of crop per acre. The results are given in the following table.
Find the correlation between fertilizer applications and weight of crop per acre. Draw a scatter diagram from the data. Using your two results, what advice, if any, could you give to the farmer?
|Activity||Description||Preceding activity||Duration (hours)|
|A||Shut down existing computer||–||2|
|C||Remove existing computer||B||10|
|D||Remove existing wiring||B||20|
|E||Install new wiring||D, C||5|
|F||Test new wiring||E||3|
|G||Move in new computer||C||12|
|H||Connect new wiring||F, G||4|
|I||Install operating system||H||6|
|K||Check operating system||I||3|
|L||Check peripherals||J, K||4|
[Total Q2 = 30 marks]
ABC Computers purchases integrated chips at $350 per chip. The holding cost is $35 per unit per year, the ordering cost is $120 per order, and sales are steady, at 400 per month. The company's supplier, RBC Manufacturing, Inc., decides to offer price discount in order to attract larger orders. The price structure is shown below.
|Quantity Purchased||Price/ unit|
|1 – 99 units||$350|
|100 – 199 units||$325|
|200 or more units||$300|
[Total Q3 = 30 marks]
The demand for subassembly S is 100 units in week 7. Each unit of S requires 1 unit of T and 2 units of U. Each unit of T requires 1 unit of V, 2 units of W, and 1 unit of X. Finally, each unit of U requires 2 units of Y and 3 units of Z. One firm manufactures all items. It takes 2 weeks to make S, 1 week to make T, 2 weeks to make U, 2 weeks to make V, 3 weeks to make W, 1 week to make X, 2 weeks to make Y, and 1 week to make Z.
|Item||On-Hand Inventory||Item||On-Hand Inventory|
[Q4 = 30 marks]
[Total Part B = 100 marks]
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Coefficient of Correlation
The coefficient of correlation helps to establish the level of linear relationship that exists between two measured items or variables (Heizer, Render & Munson 2017, pp. 134-136). In this case, the two variables considered are the number of fertilizer application (x) and the weight of the crop per acre (y).
The formula used to calculate the Coefficient of Correlation is
|∑x= 36||∑y= 45||∑x2= 246||∑y2= 371||∑x y= 281|
=347/√(426)(572) =347/√(243672) =347/493.6314
This shows that a moderate positive correlation exists between the variables as the calculated r lies within the range of -1 and +1. This shows that a close relationship exists between the number of fertilizer application and the weight of the crop per acre after harvest.
Scatter diagrams are used to show the degree of the relationship between two measured items (Heizer, Render & Munson 2017, p. 227). If those two items are related, the data points plotted in the diagram will be closely integrated. A presence of random structure indicates unrelated items.